China-Financial Conference/New Organization

China set up new organization for stabilizing financial development

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Shotlist


FILE: China - Exact Date and Location Unknown
1. People's Bank of China
2. Various of staff members, customers at bank
3. Chinese yuan banknotes going through cash counting machine

Beijing, China - July 15, 2017
4. SOUNDBITE(Chinese) Song Li, professor of Chinese development and reform institution, Renmin University of China (starting with shot 3, ending with shots 5-7):
"The conference has made several breakthroughs in the supervision and regulation system. First, it has strengthened the building of the regulation and coordination mechanism. In the past, it was the inter-ministerial joint conference that was responsible for supervision and regulation. Now we have lifted it to the level of the State Council -- setting up a commission to oversee the financial stability and development, unify financial reform and development and regulation. That’s a great change."

FILE: China - Exact Date and Location Unknown
5. Agricultural Bank of China
6. China Construction Bank
7. Various of staff members, customers at bank

Beijing, China - July 15, 2017
8. SOUNDBITE(Chinese) Han Wenxiu, deputy director, Research Office of State Council (partially overlaid with shot 9):
"By setting-up the new commission to unify the financial reform and development and regulation, and coordinate the monetary policy, fiscal policy and industrial policy, it is sure to enhance the authority and effectiveness in financial regulation and coordination."

++SHOT OVERLAYING SOUNDBITE++
FILE: China - Exact Date and Location Unknown
9. Staff members, customers at bank
++SHOT OVERLAYING SOUNDBITE++
10. Various of staff members, customers at bank

Beijing, China - July 15, 2017
11. SOUNDBITE(Chinese) Han Wenxiu, deputy director, Research Office of State Council (partially overlaid with shot 12):
"One of the most outstanding problems the financial sector is facing is uncoordinated regulation, leaving some blanks or blind areas where existed very complicated crossed financial products, thus resulting in financial risks. That is why it is necessary to strengthen coordination in regulation so as to bring under effective regulation some crossed and complicated financial products, including shadow banks."
++SHOT OVERLAYING SOUNDBITE++
FILE: China - Exact Date and Location Unknown
12. Various of staff members, customers at bank
++SHOT OVERLAYING SOUNDBITE++
13. Various of staff members, customers at bank

Storyline


China is to set up a new organization -- the Financial Stable Development Commission -- to operate under the State Council to oversee financial stability and development, according to a decision taken at the two-day National Financial Work Conference that ended Saturday.

Experts say that the setting-up of the commission will help enhance authority and effectiveness of financial regulation.

Song Li, professor of the Development and Reform Institution, Renmin University of China, said: "The conference has made several breakthroughs in the supervision and regulation system. First, it has strengthened the building of the regulation and coordination mechanism. In the past, it was the inter-ministerial joint conference that was responsible for supervision and regulation. Now we have lifted it to the level of the State Council -- setting up a commission to oversee the financial stability and development, unify financial reform and development and regulation. That' s a great change."

"By setting-up the new commission to unify the financial reform and development and regulation, and coordinate the monetary policy, fiscal policy and industrial policy, it is sure to enhance the authority and effectiveness in financial regulation and coordination," said Han Wenxiu, deputy director, Research Office of the State Council.

Experts say the new commission is more complete in functions, higher in level and more effective in regulation and coordination than the original inter-ministerial joint conference. With the financial innovation and mutual penetration, it will stop the original loopholes that some shadow banks tried exploit and realize full-coverage of regulation over the areas that stayed outside regulation.

"One of the most outstanding problems the financial sector is facing is uncoordinated regulation, leaving some blanks or blind areas where existed very complicated crossed financial products, thus resulting in financial risks. That is why it is necessary to strengthen coordination in regulation so as to bring under effective regulation some crossed and complicated financial products, including shadow banks," said Han.

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  • ID : 8055797
  • Published : 2017-07-16 15:22
  • Last Modified : 2017-07-16 21:04:17
  • Location : Beijing,China
  • Category : economy, business and finance
  • Duration : 2'03
  • Audio Language : Chinese/Part Mute
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 1
  • ID : 8055797
  • Published : 2017-07-16 21:01
  • Last Modified : 2017-07-16 21:04:17
  • Location : Beijing,Chine
  • Category : economy, business and finance
  • Duration : 2'03
  • Audio Language : Chinois/Partie muette
  • Source : Télévision centrale de Chine (CCTV)
  • Restrictions : Pas d’accès dans la partie continentale de Chine
  • Version : 1
  • ID : 8055797
  • Published : 2017-07-16 18:17
  • Last Modified : 2017-07-16 21:04:17
  • Location : بكين,الصين
  • Category : economy, business and finance
  • Duration : 2'03
  • Audio Language : اللغة الصينية/ بعضه بلا صوت
  • Source : تلفزيون الصين المركزي
  • Restrictions : ممنوع البث في بر الصين الرئيسي
  • Version : 1
  • ID : 8055797
  • Published : 2017-07-16 19:42
  • Last Modified : 2017-07-16 21:04:17
  • Location : Beijing,China
  • Category : economy, business and finance
  • Duration : 2'03
  • Audio Language : Chino/Parte Muda
  • Source : Televisión Central de China
  • Restrictions : No acceso a la parte continental de China
  • Version : 1
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